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Mortgage Market Update
Tim Stacey
Tim Stacey
Thursday, August 20, 2026
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Where your mortgage payment actually goes |
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Hi there — this week I'm sharing something that surprises a lot of homeowners when we talk through it.
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National Mortgage Rates · August 13, 2026
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Source: Freddie Mac PMMS & Optimal Blue via FRED
Rates shown are national averages and are provided for informational purposes only. Actual rates vary based on credit profile, loan amount, and market conditions. Please contact us for a personalized rate quote.
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Smart Money Habits
What your mortgage payment really covers
I've noticed a lot of borrowers are surprised when I break down where their monthly payment actually goes. Most of it typically covers interest and principal, but you're also paying into escrow for taxes and insurance. Understanding this split matters because it shows you how equity builds over time — and it helps you spot opportunities to accelerate that growth. When you know what you're paying for, you can make smarter decisions about extra payments, refinancing, or when to tap your equity. It's not complicated, but it's worth understanding. If you'd like me to walk through your statement and show you exactly where your payment goes, I'm happy to do that.
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Tip of the Week
If your credit score is below 740, even small improvements before applying for a mortgage can save you thousands over the life of the loan.
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Tips for Homeowners
Weatherproofing Your Home Before Winter
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1.
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Clean your chimney if you have a fireplace. The National Fire Protection Association recommends annual inspection and cleaning to prevent chimney fires.
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2.
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Check attic insulation and ventilation before winter. Inadequate insulation leads to heat loss, higher energy bills, and ice dams on the roof that can cause significant damage.
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3.
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Inspect weatherstripping on all exterior doors. A simple dollar-bill test works: close the door on a bill — if you can pull it out easily, your weatherstripping needs replacing.
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Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the Tim Stacey team any time and we'll walk you through your options. |
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